The Evolution of CryptoPunks 

Years back, when CryptoPunks initially introduced their project, nobody had the slightest idea of how amazing this project would be in the future. Presently, it is the greatest phenomenon withinside the non-fungible tokens space. You must know that these were the absolute first NFTs on the market. Furthermore, currently, they are worth over millions.  

In 2021, the interest for non-fungible tokens is record-breaking high. However, in case you are new to the frenzy around crypto punks NFT, realizing their worth may be hard for you. In fact, the vast majority outside this space do not understand the idea driving these punks. Accordingly, this article will cover all you need to know about Crpytopunks.

Table of Contents

• What are cryptoPunks?
• A detailed journey of cryptoPunks evolution:
• 2017: Introduction to the market
• 2018 – 2019: increase of worth
• 2020: Mass adaptation and withdrawal
• Closing Thoughts

What are CryptoPunks?

In easy terms, CryptoPunks are types of crypto art collectible and NFTs on the Ethereum blockchain represent them. Currently, market has 10,000 unique, 8-bit-style punks. In which mostly the 10,000 total crypto punks are humans, yet users have access to three other special types: Ape (24), Zombie (88), and Alien (9).

As being the first popular non-fungible tokens projects, they are the inspiration of crypto artist communities and surprisingly drive the ERC-721 token development. After some million-dollar crypto punks sales in 2021, the project became more mainstream and became the ultimate valuable NFTs.

A detailed journey of crypto punks evolution:

• 2017: Introduction to the market

The Larva Labs committee, in May 2017, declared openly about distributing 10,000 unique tokens with no charges at all to the cryptocurrency society. Within a few hours,  total registration slots were booked.

CryptoPunks were given away to claimants, and owners used them for profitable resales. This implies that at the initial stage of non-fungible tokens, NFT markets existed in a secondary market instead of a primary. 

During those days, no NFT marketplace was available, and the Larvalabs marketplace website was the only way to carry out crypto punks NFT trades.

This scenario continued till 2020; also, till then, no web browser wallet plugin worked with web3 apps.

• 2018 – 2019: Increase of worth

CryptoPunks had a great beginning in 2018 and attended a good deal of sales at low prices for the entire year. But, in the year 2019, collectors observed some positive price fluctuations regarding crypto punks NFT. There was a significant increase in interest in crypto punks potential.

CryptoPunks are not like other niche digital assets that creators can produce in an infinite quantity, such as crypto kitties. Instead, there is only limited quality of crypto punks available, giving rise to its scarcity in the NFT ecosystem. These NFTs are produced by human or artificial intelligence that transacts on blockchain platforms. They are easily verified and changeless.

This characteristic is the main benchmark of the importance of blockchain networks. With the commencement of NFT marketplaces, numerous artists are spreading their business and getting the attention of a broader range of audiences.

• 2020: Mass adaptation and withdrawal

More the numbers of NFT platforms and digital art marketplace started coming into existence, crypto punks grew to be unique and valuable. The expansion of artistic NFTs increased the Punks’ value as they were the innovators of such NFT projects. 

The year 2019 was a considerable period for the development of crypto arts alongside a growing NFT community. The interest of people outside the community grew tremendously all through the year 2020.

In April 2020, NFT buying and selling were at their peak. However, the excessive gas fee of the ethereum blockchain platform that users used for trades made many users withdraw from the idea. 

The most startling news regarding cryptoPunks is that a well-known traditional auction house will promote some samples of this extraordinary creation. By this, now crypto punks will move into a real-world art industry. The very first NFT platform and marketplace, Larva labs, will also display a batch of 9 cryptoPunks in the auction. Experts say it will be one of the greatest sales in the history of NFTs.

Closing Thoughts

CryptoPunks are a progressive aid to the NFT space. Indeed, even the makers of this project didn’t know how this project would end up. Yet, as it became extraordinarily successful, individuals are enjoying this new category of blockchain-based collectibles. Soon, it will be known as a sole industry. However, it has a long way to go in the future. We actually don’t have the foggiest idea of how many more improvements and developments users will experience with it. Yet, we can say that these punks are setting down deep roots in the NFT platform and marketplace and probably will stay longer.

If you need to learn how these punks work or how the NFT platform functions, then join into NFTically, a one-stop solution for all NFT queries and marketplaces.